SHELL CUTS 2,800 JOBS

SHELL CUTS 2,800 JOBS

Royal Dutch Shell Plc said it would cut about 2,800 jobs to meet a pledge of reducing operating costs by $3.5 billion following its takeover of BG Group Plc.

That equates to 3 percent of Shell and BG's combined workforce as The Hague-based company consolidates offices and its administration structure once the acquisition is completed, it said in a statement on Monday. The two companies both have offices in a number of countries, including the U.K., Australia and Brazil.

Oil's slump has prompted some investors to question if Shell is paying too much for BG, even though the acquisition will make the combined company…

IEA - At the moment, Russia is sending record volumes to Europe while LNG utilisation rates remain relatively low. Limits to European production capacity and import infrastructure (with over half of pipelines operating at monthly peaks above 80%) may contribute to market tightness over the coming years, particularly if Asia continues to absorb the ramp up in global LNG liquefaction capacity.

The South Korean government Tuesday gave its final approval to lower taxes on LNG used for power production by 75%, and raise those on thermal coal by 28% from April 1, in a move likely to boost downstream gas consumption.